V12VF & Moneyway launch the digital finance calculator

V12 Vehicle Finance (V12VF) and Moneyway have worked with Codeweavers to roll out a digital finance calculator for dealers and their customers.

The finance calculator will automatically match customers with a prime or near-prime product, providing them with information on the finance terms and monthly payments.

The software will be integrated onto a dealer's website, providing customers with finance and affordability information at the start of their journey. The functionality has also been developed to save time for retailers, reducing the need to resubmit finance applications to additional lenders.

David Nield, managing director of V12 Vehicle Finance, said: "The ability to provide finance deals based on the customer's financial status makes our used vehicle proposition unique to the motor finance industry.

"Our joint vision with Codeweavers is all about blending the online and physical space to improve the car buying experience for dealer customers. This is all part of our vision to make it easier for our dealers to sell more used vehicles more often with automatic referrals to prime and near prime."

Alan Cooper, sales director - affiliation and partnerships of Codeweavers, added: "We have been working alongside a number of lenders within the UK market, including V12 and Moneyway, helping provide more clarity and a better experience for customers when buying their next vehicle online, based on their financial status. We feel this calculator allows us to replicate V12's and Moneyway's proposition in this marketplace.

"Customers interact across many touchpoints and businesses, including retailers and lenders, during their car buying experience. Working together with our partners, we can help to provide a connected experience, providing more clarity for customers earlier in their buying journey."

Earlier this month, V12 suggested that motor dealers should be seeking alternative methods of buying stock as demand for used cars continues to rise. In a post-pandemic world, V12 believes dealers should be primed to explore different channels to keep up with the rate of change in the industry.